Lesson 3&4: public, private and blockchain types

Question 1

List differences between public and private blockchains?

Answer 1

Permissionless vs permissioned; access is free vs access is required; decentralized vs centralized; native currency vs lack thereof

Question 2

What are some examples of public blockchains?

Answer 2

Bitcoin, Ethereum, Litecoin

Question 3

What are some examples of private blockchains?

Answer 3

Hyperledger, Corda, Quorum

Question 4

What is Bitcoin’s hashing algorithm?

Answer 4

SHA-256 which reduces any string input to a 256 bit output or hash ID, which would be 32 character string in hexadecimal representation

Question 5

What is a Merkle tree?

Answer 5

a hash tree or Merkle tree is a tree in which every leaf node is labelled with the cryptographic hash of a data block, and every non-leaf node is labelled with the cryptographic hash of the labels of its child nodes